Understanding the intricacies of federal and state tax law often comes with a chance to reduce tax burdens, sometimes by a substantial amount. While individuals and even businesses can't be expected to keep up with ever-changing laws, it is important to understand some of the more important issues … [Read more...] about Texas tax law loophole beneficial for farmers
Texas companies should keep certain records in case of tax audit
Though the overall likelihood of an IRS audit remains small, businesses do have a higher risk of raising IRS flags than most individuals. A simple mistake or a sudden change in IRS tax forms might be enough to earn the eye of a tax auditor, and when an audit does strike, businesses have to be … [Read more...] about Texas companies should keep certain records in case of tax audit
Should Texas residents worry about the IRS and vital currency?
Texas residents are very much aware of the power of the Internal Revenue Service. As we approach the end of the year, many individuals and business owners will likely begin to think about how taxation will need to be addressed, and the most financially expedient way to do it with experienced support … [Read more...] about Should Texas residents worry about the IRS and vital currency?
Texas is a top state when it comes to business taxes
In a 2013 report from the Tax Foundation, Texas fell from a top-ten list of best states for business tax climates for the first time. In this year's report, the state regained its top-ten status by coming in at number ten. In explaining the reason for last year's drop, an economist from the Tax … [Read more...] about Texas is a top state when it comes to business taxes
Employment tax issues and the power of the IRS
For Texas businesses, one of the most serious financial problems that can be faced is employment tax issues. When a business fails to pay any or all of the required withholding taxes related to employee paychecks, the Internal Revenue Service may take very strong action. Understanding employment tax … [Read more...] about Employment tax issues and the power of the IRS
What is the IRS online payment agreement?
The Online Payment Agreement Application is a web-based process offered by the Internal Revenue Service for individuals and businesses that cannot pay all taxes owed on the due date. Though the agreement, which sets up an installment account for qualifying individuals, can be helpful in some cases, … [Read more...] about What is the IRS online payment agreement?